Apple buoyed by Buffett, headed for record closing high

Javier Stokes
May 5, 2018

It will be gripping to see how Berkshire Hathaway who Bought 75 million Additional Apple Shares in Q1 will make revenues. But the billionaire investor is out of the company IBM.

Berkshire held 2M shares at the end of previous year after having sold almost 95% of its stake.

Up to Thursday's close, Apple stock had risen more than 5% since Berkshire disclosed on 14 February that it had raised its stake in the Cupertino, California-based company.

In a statement to CNBC, Apple CEO Tim Cook said the company is "thrilled to have Warren and Berkshire as a major investor".

Yahoo Finance is the exclusive online host of the Berkshire Hathaway 2018 Annual Shareholders Meeting, coming Saturday, May 5th. Buffett said his company sold off the last of the 2 million shares of Big Blue it owned during the first quarter of the year.

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Buffett has praised Apple Chief Executive Tim Cook and suggested he views Apple more as a consumer company, despite its Silicon Valley pedigree. Shares hit an all-time high Friday. It booked sales of $61.1 billion and grew earnings by 30%.

The stake in Apple, which Berkshire began building in early 2016 with a $1 billion investment, a decision that at the time was driven by one of the money managers Buffett hired to manage the stock side of Berkshire's investments.

However, there may also be another reason for the investment: Berkshire's cash position.

IBM shares are down 0.5% premarket to $141.28.

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